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  #1  
Unread 5th March 2012, 08:50 PM
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Gidday All

Negotiated a significantly better agreed value with my insurer.

6% higher. Paperwork to come.

I expect this to increase again after I have ticked everything off their new schedule.

What with the trend towards "build your own" that many manufacturers have been offering for years now, the only way to work out a replacement or agreed value (precisely defined legal terms - read your policy document very carefully, folks ... ) is to start at the base model and then add in the cost of each "extra" fitted to your particular vehicle.

For example, both Stilson's and my Foresters are "XS" models, 2007 (MY07) and 2006 (MY06) respectively. Looking at the two side by side, it became apparent that there are several significant differences. His has leather and a sunroof, but lacks the factory CD stacker, fog lights and covers and OEM tow bar. Both are significantly better equipped than their respective "X" models, just differently.

Make dead certain that these differences from the base model are recorded as individual items on your insurance schedule; along with any extras that you might have added. Leave nothing off.


e.g.:
  • OEM tow bar, tongue and ball, including ball protector and bar tongue rubber bumper
  • Roof bars, basket, roof boot, etc
  • Side bottom door protectors
  • Side bottom panel protectors
  • Front/rear mud flaps
  • Headlight/fog light protectors
  • Seat covers (with full description)
  • Floor mats
  • Bumper protector
  • Cargo floor protector
  • Alloy wheels
  • Special/better tyres (i.e. more expensive than "normal". Yokohama Geolandar AT-s cost around $225 a corner; Bridgestone GR90 cost around $159 a corner. That adds around $260 value to the car)
  • Whether you have had significant parts reconditioned or replaced, making the car more easily saleable at a higher price - e.g. re-co engine; suspension; gear box; diffs; AND don't forget things like re-co of air conditioning; replacement battery; alternator; water pump; timing belt; etc, etc.
  • KEEP all receipts and documents!! From the original purchase on. All repairs; services; accessories - the lot!
  • Accessories that are normally carried in the car (specially in the case of theft) such as winch; compressor; tool kit; tyre repair kit; jerry can/s; fridge;
  • Cruise control (I think that some Oz models did not come with this as standard??)
  • Climate control air conditioning (Stilson's has the standard air-con; mine has climate control)
Do the same for anything you tow.
Separate policy, but the same principles apply.

Something as small as locking/security wheel nuts don't cost very much, BUT they are a big deal if someone does manage to steal your alloy rims in spite of them (I have worked out how it could be done ... ), and your insurer starts cutting up rough about it, or about you paying the excess. You can point out that you have gone way beyond your duty of care to the insurer and that they should consequently act in uberrimae fidei and cover your loss without charging the excess, or halving it with you(uberrimae fidei = literally: in the utmost good faith; an old insurance term ... see here: http://en.wikipedia.org/wiki/Insurance ).

Ensure that expensive items such as cameras/lenses/accessories, GPS, etc are covered for anywhere in Oz (or your country of stabling, lol) under the "All Risks" section of your home and contents policy.

TAKE PHOTOGRAPHS of everything - SPECIALLY including the car from all angles ... . It may well be your only proof of the existence of these things should your car be stolen or become a burned out wreck, etc.
Repeat this photographic expedition at least annually. It may be your only proof as to what the condition of the car was prior to whatever happened to it.

Last edited by Ratbag; 6th March 2012 at 07:34 PM. Reason: Added some stuff, corrected my spelling mistakes ...
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  #2  
Unread 6th March 2012, 03:48 AM
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No need to rub it in RB.
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Last edited by mr turbo; 6th March 2012 at 05:19 AM.
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  #3  
Unread 6th March 2012, 05:49 AM
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Thats a good point RB.

I could add $5000 worth of mods from roof rackets, towbar to stereo, spotties and uhf.
Might look into it when it comes time to renew my policy.
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Unread 6th March 2012, 05:51 AM
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Good work mate! thanks heaps!

Wana help me get a better deal RB!?
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  #5  
Unread 6th March 2012, 06:26 AM
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There's some great advice there Ratbag

I remember on one occasion, with my insurance company, telling them about some of the mods & accessories etc that I had.

They told me that they couldn't fit them on the page (policy) & that I would have to decide which ones I wanted to keep & have covered & which ones I had to take off & not have covered

I politely told them that what they were saying was a load of & to make/add another page to the policy & cover all of them
And if they didn't, I would take my business & my fathers business elsewhere
On top of that, I would advise/tell all my friends & the 400-500 people I work with to take there business elsewhere aswell

They soon found a way to add another page, listing all of the mods & accessories that I had & demanded to have covered on my vehicle & covered them

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Unread 6th March 2012, 03:48 PM
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Some policies limit the accessories to a % of the book value of the car; in my case the book value is $14K - my extras are at least $10K but I'm covered for just 50% of the book value.
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  #7  
Unread 6th March 2012, 07:30 PM
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Gidday ST

Quote:
Originally Posted by stilson View Post
No need to rub it in RB.
I wasn't rubbing anything in, mate .

Just a simple example ready to hand as to how careful one must be specifying what is actually on your car, very preferably with photographs for proof.

Sometimes insurers (or more correctly, the assessors who are sometimes paid on a basis of claim minimisation ... ) get very forgetful. Seem to think that an "X" is much the same as an "XS" ... Or that a car with 100Ks on the clock is worth the same as one of the same year and model that has done 260Ks ...

Last year one tried to deduct the pre-existing damage to my niece's car twice after she was involved in a no-fault accident (on her part). He said the car would cost around $1,500 to put into very good condition and deducted this; then he said that very good condition cars were in better condition than hers, so valued hers at the pre-existing damaged value. Then deducted the cost of repairing the pre-existing damage repair cost from this latter figure ...

I pointed out to him that this was double counting, and was not permitted in an accounting sense, or in an insurance sense. He argued the toss with me.
His boss didn't ...
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  #8  
Unread 6th March 2012, 07:39 PM
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Gidday Taz

Quote:
Originally Posted by taza View Post
Thats a good point RB.

I could add $5000 worth of mods from roof rackets, towbar to stereo, spotties and uhf.
Might look into it when it comes time to renew my policy.
Every insurer I have ever dealt with will add these things at any time during the currency of the policy.

If anyone can guarantee that all will be well next week, then they don't need insurance of any kind - car; health; life; house & contents ...

We all hope never to claim on these things, but SWMBO and I can never make a "loss" on our private health insurance because of what's been done to me by way of body and ticker mods ...
Do I wish we were making a "loss" on those premiums? You betcha sweet bippy I do ...

Life is what happens while we are planning other things ... .
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  #9  
Unread 6th March 2012, 10:34 PM
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Do you need to prove that you have those mods, like reciepts for the purchases of the items. To prove you have roof racks, the reciept of purchase and cost, front bar, etc...?
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  #10  
Unread 6th March 2012, 11:05 PM
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G'day again Taz

Quote:
Originally Posted by taza View Post
Do you need to prove that you have those mods, like reciepts for the purchases of the items. To prove you have roof racks, the reciept of purchase and cost, front bar, etc...?
Documentary evidence never hurt anyone's case ... .

However, taking reasonably decent photos of the items and making a list of them showing your purchase price; approximate (or exact) date of purchase; who from; etc all helps.

Ring up your insurer or broker and find out what documentary evidence they need. Do not be put off by the old BS about how it's not necessary. That is so that the insurer can later claim never to have known about it beforehand, even if the person who makes the statement honestly believes what they are telling you to be true. My older brother was an insurance loss adjuster before he became a barrister.

If you have a list, and they get a copy of that list, and you make sure that your policy document is amended to show the contents of that list with the amounts agreed between you and your insurer, it means that there is far less likely to be a ***** fight about things later; as my commercial litigation QC so charmingly calls it.

I have done this with items like my camera gear. Description, serial number, value. AND with a written statement from my insurer that they do NOT consider the items to be a "set". If any item is considered to be part of a "set", there are specific limits on what is covered by most policies.
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